Dwo Takes Another Step into History

After yesterday's record setting closes, both the S&P and the Dow stepped slowly out the door this morning.  A lack of economic reports provided no directions for traders who were seeking the next conditions to which to react.  A large sale of 10 year Treasuries and a general malaise in MBS bonds kept dollars from flowing there.  Some surprising new came from the mortgage GSE Fannie Mac.  It posted a first quarter profit of 4.6 billion which was its second largest in history.  Just as Congress debates merging it with its sibling Fannie Mac, it steps up its game.  The Dow closed up 47 points on the day.